2023-07-21 07:39:25 ET
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) said Friday it expects profits at its commodity trading division this year will reach $3.5B-$4B , remaining on track to beat its long-term target for a fourth straight year.
The forecast falls short of the record $6.4B in core profit from the trading unit in 2022, but it is well above its longstanding guidance range of $2.2B-$3.2B.
In its half-year production update , Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) reported lower copper, zinc and nickel production, but it expects higher volumes at some of its mines in the second half of the year.
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) said H1 copper production fell 4.4% Y/Y to 488K metric tons from 510K tons in the year-ago period, consistent with expectations around mining sequences at the Collahuasi and Antamina mines in South America.
H1 zinc production fell 10% Y/Y to 434.7K tons, reflecting the disposals of South American zinc operations and the closure of the Matagami mine, nickel output slid 20% to 46.4K tons, and cobalt production climbed 5% to 21.7K tons.
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Glencore forecasts up to $4B full-year commodity trading profit